Pakistan is expected to witness another surge in fuel prices as global crude oil rates continue to rise. According to reports, petrol prices may increase by up to Rs3 per liter, while high-speed diesel (HSD) prices could see a hike of Rs6 per liter, effective from February 1, 2025.
Expected Petrol and Diesel Price Increase
The upcoming bi-weekly review suggests that petrol may see a Rs3 per liter increase, while HSD prices may go up by Rs6 per liter. The Oil and Gas Regulatory Authority (OGRA) is set to submit its recommendation to the concerned ministry, considering fluctuations in international oil prices and the exchange rate.
Final Decision on Fuel Prices
The final approval of the revised petrol and diesel prices will be made after consultation between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif. An official announcement is expected on January 31, 2025, with the new prices taking effect from February 1 for the next fortnight.
Impact of Previous Fuel Price Hike
The expected increase follows a recent fuel price revision on January 16, 2025. Petrol prices were raised by Rs3.47 per liter, reaching Rs256.13 per liter, while high-speed diesel saw a rise of Rs2.61 per liter, bringing the rate to Rs260.95 per liter.
Rising Fuel Costs and Inflation
The potential price hike is likely to add further strain on consumers already facing high inflation. Increased transportation costs due to rising fuel prices may impact essential goods and services, further affecting the cost of living in Pakistan.
As fuel prices continue to be adjusted based on global market trends, Pakistani consumers may need to brace for further financial pressure. The official notification on January 31 will confirm the extent of the increase and its impact on the economy.
Stay tuned for the latest updates on petrol and diesel prices in Pakistan.